Registered number." 02165552 Charity number: 519357 NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) CONTENTS Page Reference and administratlve details of the charlty, its Trustees and advlsers Chair's Statement Trustees, Report 7-19 Independent Auditorfs Report 20-24 Consolldated Statement of Flnanclal Actlvltles 25 Consolidated Balance Sheet 26 Charlty Balance Sheet 27 Consolldated Cash Flow Statement 28 Notes to the Flnanclal Statements 29-52
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Trustees and officers of the Board Miss C M Jones BA, ACG Chairman and Chair of the Nominations & Remuneration Committee Mr S Anantharaman Mrs H Atherton Dr M Carter CPsychol AFBPSS Vice Chair Mrs J Clague Appointed 26 April 2023 and Honorary Treasurer from that date Mr M Haig Resigned 20 May 2024 Ms F Hewison Dr S Kothari Mr P Moonan Mrmore Dr P Robertshaw PhD, Dip DM MrA Stalker Mrj Willis Chair of the Marketing and Fundraising Commlttee Resigned 31 December 2024 Chair of the Investment Committee Patrons The Most Reverend Malcolm Mcmahon The Right Reverend Mark Tanner The Right Reverend John Perumbalath The Right Reverend Gregory Cameron The Right Reverend Peter Eagles The Right Reverend Beverley Mason Mark Blundell Prof Tim Jones Prof Mark Power Prof Calum Semple The Most Honourable David Cholmondeley Lord Mostyn Dame Lorna Muirhead Henry Bowring The Archbishop of Liverpool The Lord Bishop of Chester The Bishop of Liverpool The Bishop of St A5aph The Bishop of Sodor and Man The Bishop of Warrington Lord Lieutenant of Merseyside The Vice Chancellor, The University of Liverpool The Vice Chancellor, Liverpool John Moores University The President of the Liverpool Medical Institution The Marquess of Cholmondeley
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) Registered office North West Cancer Research Room G5 Liverpool Science Park 131 Mount Pleasant Liverpool L3 5TG Bankers Sollcitors Brabners LLP Horton House Exchange Flags Liverpool, L3 9QJ Natwest 247 High Street Bangor Gwynedd,LL57 IRW Investment Managers Rathbones Ilncorporating Investec Wealth and Investment Ltd.) Port of Liverpool Building Mann Island Liverpool, L3 INW Audltors Crowe U.K. LLP 3rd Floor St George's House 56 Peter Street Manchester, M2 3NQ Senlor Management Team Alastair Richards Ruth Turley Cara Newton Alan Lancelott-Redfern Carol Kirkham Dr Alison Moore Chief Executive Officer land Company Secretary) Head of Finance and Administration Director of Brand and Income Head of Retail Head of Fundraising Head of Health, Research & Impact
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) CHAIR'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The foreword to the Trustees, Report and Financial Statements often focuses purely on financial and governance matters, but it is useful from time to time to remind readers of why North West Cancer Research exists and what we seek to do. Cancer is a huge health issue across the UK, Europe and beyond, but here in the North West we have a particular problem: the number of cancer cases is higher than you would expect for our population size and cancers are often diagnosed later, with the result that the treatment pathway is more complex and outcomes are often poorer. North West Cancer Research is focussed on our region's cancer needs: our aim is to tackle the excessive number of cancer cases in our region; to improve diagnosis and treatment. and ultimately to reduce mortality from cancer, We do this by funding research- research into understanding the causes of cancer and improving the care of those suffering from cancer, and research that ultimately seeks to find cures for the many different types of cancer. In addition, we have an important message to communicate to the people of the region: how they can reduce their own cancer risk, recognise the symptoms of cancer early and get the most appropriate treatment. Our task is substantial and we do not underestimate the challenges ahead. As we continue to make progress, it is important that we maximise the resources we have available and use them well. Wherever possible, we will work In partnership with others in order share the load and to further our purpose and priorities. The financial year ending 30 September 2024 has continued to be a time of change and challenge. At the start of the year, cost inflation was a significant factor in the economy and, combined with increasing interest rates, this means that many supporters in our region were and are seeing their disposable income decrease. We are extremely fortunate that this does not seem to have impacted significantly upon our income in-year, but we are very conscious of the challenges ahead of us. Our financial results reflect a positive picture for the year: even though our overall income decreased, our income from fundraising and donations increased, up from £1.67k in 2022/23 to almost £1.77m. This included income from the Medical Research Council to support early career researchers, along with a number of sizeable trust grants to support both our research and outreach work. Income from legacies in the year was smaller than for 2022/23, when we were fortunate to receive a number of substantial legacy gifts which added significantly to our income, but legacy gifts still contributed almost £644k to the resources we had available, and for this we are very grateful. The gifts left as legacies are often the largest single gift an individual can Eive and we recognise that, without
NORTH WEST CANCER RESEARCH {INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) CHAIR'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 {continued) these, much important research would not be funded. The charity also received income from investment returns which contributed £316kto our overall funds (compared with £280k in 2022/23}, while investment growth added a very substantial £l.Im to the funds available. We are delighted that, during this year, we have been able to continue funding excellent new research projects and that competition for funding remains intense. During the twelve months covered by this report, we have funded projects in translational research, applied research and regional inequalities. We were excited to provide continuation funding for our work on triple-negative breast cancer research at Lancaster University and we are hopeful that the new drug developed - which appears to work so well in the lab to kill cancer cells with limited side effects- can be successfully moved towards patient application. Other projects funded included new network of bowel cancer researchers, and a contribution towards a national audit of head and neck cancer patient outcomes. In writing this report, I want to take the opportunityto thank my Board of Trustees, who continue to work so hard on behalf of NWCR, supporting and guiding the charity in taking forward its work and providing excellent advice to me and to the charity's management team. I would also like to express my gratitude to the CEO, Alastair Richards, to the whole staff team and to all those who have been involved with NWCR during 2023124. Like many other charities, we are reliant upon our donors and those who kindly leave us gifts through legacies. NWCR also has the benefit of having in place local branches which give us such dedicated and enthusiastic support and which continue to develop their presence In towns across our region. We have also received excellent backing from our Patrons, Ambassadors and many volunteers and we recognise the growing support which we receive from corporate funders. Looking forward, NWCR, like many charitie5, faces challenges and uncertainties. l and my fellow Trustees believe, however, that during 2023/24 we have continued to advance the charity's objectives in order to address cancer more effectively in our region. We believe that we are making progress with this challenge and we are confident that this will continue in the coming years. Name Catherine Jones BA ACG Chair 30 January 2025
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustee5 {who are also directors of the Charity for the purposes of the Companies Act) present their Annual Report, together with the audited Financial Statements of North West Cancer Research (incorporating Clatterbridge Cancer Research "CCR") (the Company) for the year ended 30 September 2024. The Trustees confirm that the Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 2019}. Since the Company qualifies as small under section 383, the Strategic Report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. STRUCTURE, GOVERNANCE AND MANAGEMENT The Company Is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 24 September 1998 and revised on l October 2009, 4 October 2012, 22 March 2018 and 29 April 2021. The Company's registered charity number is 519357. The Board of Trustees {"the Board") is responsible for the overall governance of the Charity. The Trustees and members of the Board who have served during the period are set out on page 3. Trustees are normally co-opted onto the Board and their appointment confirmed at the following Annual General Meeting. Appointment is normally for a period of three years. although this can be renewed through re-election by the membersto create a maximum term in office of 9 years. Trustees are appointed to the Board through two routes, with the oversight of any appointment being undertaken by the Nominations and Remuneration Committee {see below). The majority of appointments are made through identifying a skills gap amongst the current Trustees and advertising any vacancy. However, the Board does recognise that there are individuals with exceptional skills or connections which it may be useful to have on the Board and so the option remains to directly approach potential Trustees. New Trustees are normally provided with an introduction into the nature and running of the Charity, including seeing funded researchers in action, meeting the staff team and volunteer fundraising branches. They are also provided with a raft of information about the Charity, in the form of a Trustees Handbook, in order to enable them to understand the organisation's history, policies and current position.
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 {continued) STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Board meetings take place fourtimes peryearwith an additional day being taken when needed to consider strategy or other material questions for the organisation. It is the responsibility of the Board to develop organisational strategies in partnership with the management team and to review operational performance, to set budgets and to approve operational plans. The Board delegates the exercise of certain powers as set out below. This is controlled through regular reporting back to the Board so that Trustees can oversee all decisions made under delegated powers. The Committees and individuals to which the delegation takes place are shown below: a. Officers of the Board There are three officers of the Board to whom responsibilities are delegated. These are the Chalr, the Vice-chair and the Honorary Treasurer. The Chair acts as the main link from the Trustees to the Chief Executive Officer and is also a key external representative for the Charity. The Chair also ensures that decisions are lawful, constitutional and within the remit of the Charity. In their absence, the role is covered by the Vice-chair. The Honorary Treasurer oversees the financlal affairs of the organisation and supports the Board on financial reporting and compliance. b. Marketlng and Fundralsing Commlttee Working closely with the Director of Brand and Income and the Fundraising Team, the Committee provides advice and assurance to the Board. It also has key responsibilities in approving strategic and annual plans for marketing, communications and fundraising activities and for assessing the effectiveness of these. Investment Commlttee The Committee seeks to provide advice and assurance to the Board in overseeing the Charity's investments and the performance of those. This includes recommending to the Board the approval of the Charity's Investment Policy along with the appointment or re-appointment of investment and other related professional advisers. d. Nominations and Remuneration Committee The Nominations and Remuneration Committee oversees and recommends to the Board key appointments for the Charity as well as remuneration for the senior staff team. This includes members of the Board of Trustees, Officers of the Board and the appointment of the Chief Executive Officer. The Committee also oversees the membership of the Charity and, in addition, the appointment of Honorary Members and Patrons.
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Chlef Executive Officer The Chief Executive Officer is responsible for day-to-day management of the Charity's affairs and for implementing policies agreed by the Board. The Chief Executive is assisted by a team of senior managers and other staff. In addition to the Committees and individuals above to whom responsibilities are directly delegated, note should also be made of the Groups which advise the Board on the quality of research applications received and what should be funded. These are: Cancer Discovery Advisory Group The Cancer Discovery Advisory Group undertakes the scientific assessment of applications for early stage research funding looking at cell structures, DNA and proteomics. Translatlonal Research Advlsory Group The Translational Research Advisory Group considers projects which seek to develop theoretical knowledge and start to identify how It can be applied to patients and technlques which will benefit the population. Applied Research Advisory Group The Applied Research Advisory Group reviews funding applications for projects which seek to improve the effectiveness and experience of current treatments being used in our area. Inequalltles Advisory Group The Inequalities Advisory Group reviews studies on cancer inequalities including projects which study differences in how different parts of the diverse community in our area experience cancer, and receive and respond to information, advice and treatment. PhD Funding Group This panel oversees the awarding of funding for a number of PhDs. The panel comprises a broad range of researchers including a number of current NWCR PhD students. PhDs are awarded in a range of disciplines from cancer discovery to applied work. Not every group will meet and review projects in every year and groups are convened and updated as necessary in order to meet funding plans. The recommendations from each group are considered by the Board of Trustees along with any recommendations for process improvements . In addition to the groups above the Charity also forms advisory panels to consider individual projects where these fall outside the remit of one of the groups above or where projects are being funded in partnership with another charity.
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) PUBLIC BENEFIT The Trustees have given due consideration to the Charity Commission's guidance on public benefit as is required under the Charities Act 2011. The Report below provides detailed information on the activities underta ken by the Charity. All of the Charity's activities are directly in the public benefit and there are no financial benefits from the award of research funding. The outcomes of the research are for the public benefit. The benefits are primarily for those who suffer from the types of cancer covered by our research. Society generally benefits as improved treatment reduces the numbers of, and stress from anxiety from, early deaths from cancer. OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS a. Objectlves North West Cancer Research is dedicated to putting our region's cancer needs first, funding pioneering research to tackle the cause, improve the care and find the cure for cancer. We focus on the types of cancer that affect people living across North West England and North Wales the most. The objects of the Charity las adopted in April 2021) read as follows: to promote and carry out research into cancer, its diagnosis and its treatment and to disseminate the results of such research to the public. and to educate the public in respect of all matters relating to cancer and its diagnosis, treatments and effects and impact upon a person, so that the public may better understand cancer, its impact, its causes and how best to avoid such illness or conditions, including advice about lifestyle and other contributory factors (the "Objects"). Our strategy has a number of strands including a drive to understand why cancer rates and mortality are high in our region, creating a broad research pipeline and finally providing communities with information on the signs, symptoms and treatments for cancer as well as advice on making healthy life-style decisions. In each financial year the Trustees allocate funds to the activities in line with a five-year plan and these are then used in order to fund research projects, outreach work, campaigns and other activities. The balance of funding changes each year depending on the resources available and the agreed priorities. io
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) ACTIVITIES AND ACHIEVEMENTS {continued) b. Activities and achievements In the period the Charity has furthered its objectives predominantly through funding research carried out in Higher Education Institutions and NHS Trusts within the area. In addition we have carried out outreach and education work and run a number of awareness campaigns. At the present time funded research programmes are underway at eight institutions across the region including the University of Liverpool, University of Manchester, Bangor University, Edge Hill University and Lancaster University as well as at Blackpool Teaching Hospitals NHS Trust. Current funding programmes include: Funding for research projects which focus on the cause, care or cure for cancer, This might be in fundamental science, cancer cell biology, translational medicine, drug utilisation, medical practice, the improvement of treatments or the understanding of inequalities; Funding for key posts within academic institutions which will build the capacity of research, along with funding PhD students. Funding for the incubation of new projects in order to aid the development of early stage hypotheses; Currently, there are around 60 active funding streams supporting projects, students, lecturers, fellows and the development of new research. During the year, 1412022/23: eighteen) research project grants were awarded at a total cost of £2.49 million (2022123: £2.Omillion). The largest single commitment at this time is for £500,000 for a multi-year programme grant which creates an interface between the Liverpool Head and Neck Centre and the academic researchers at the University of Liverpool, accelerating and improving research. The Charity is also continuing to grow its outreach work across the region and is increasingly reaching into employers, schools and other community groups in order to provide information about the risks and symptoms of cancer. The Charity is a member of the Association of Medical Research Charities and a not for profit partner of the National Institute for Health and Care Research and this ensures that it complies with strict policies on peer review for research project funding. Any application received will be subject to scrutiny by the appropriate group (see above) to ensure that it is research of the highest available standard and that award is made in an impartial manner. Funding for research 15 generated through active fundraising, legacy receipts and investment returns. The Charity benefits from a network of branches or committees of volunteers who organise a wide variety of fundraising activities to generate income for us. Branches are spread across Cumbria and Lancashire to the north, Merseyside and Cheshire and also North and Mid Wales. 11
NORTH WEST CANCER RESEARCH (INCORPORATING CLArtERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) ACTIVITIES AND ACHIEVEMENTS (continued) The Charity is focussed upon growing and diversifying its fundraised income and annually reviews the team along with the methods used to generate funds. An essential element of this is to draw income from a wider range of sources including corporates, community Eroups, trusts and individuals while keeping costs down. As part of its efforts to grow brand awareness and to diversify income, the Charity opened its first charity shop in February 2024 with a second following in October 2024. Both shops sell donated goods and are proving to be successful in generating new funds for the Charity. The shops are operated through a subsidiary company- North West Cancer Research Trading Ltd which ha5 Its own Board of Directors. The Charity also continues to add to its portfolio of events, engaging the public in generating funds for it. During the year total income from all sources of fundraising increased to £1,768k {2022:23 £1,673k) RISK MANAGEMENT The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The risks to which the organisation is exposed are considered by the Board at each meeting, with a more in-depth review taking place twice a year. The risk profile will change over time as the organisation strengthens its controls and considers strategies to mitigate risks. The risks below are the ones of which the Board is particularly mindful: Investment risks The organisation holds its reserves in investments which can be subject to fluctuations in value. The Charity is an investor for the long-term and, as such, it has benefited significantly from the increase in value of its holdings. However, it is aware of the need to maintain a balanced portfolio of risks and to spread the profile of its investments in order to protect itself from short-term fluctuations in the market," Reputational risks The Charity sector has seen its reputation significantly impacted in recent years as a number of scandals have taken place. North West Cancer Research is very aware of the need to uphold the highest levels of governance and to consider carefully its actions when fundraising and promoting the organisation. and Staffing risks- The Charity depends on a dedicated team of staff who are often responsible for covering multiple roles within their job. Recruiting and retaining quality staff is critica I for any business - particularly one which depends on fundraising for its income. The Charity annually reviews the impact of increases in the cost of living and reviews pay and conditions accordingly. 12
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") {A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 20241continued) RISK MANAGEMENT (continued) Like many charities, NWCR is aware of the potential medium- and long-term impacts which may result from the UK leaving membership of the European Union. Many talented researchers from across Europe and beyond currently work in academic institutions where the Charity funds work and at this point it is unclear as to whatthe potential impacts of this change are. The Trustees continue to monitorthis situation in order to understand the results which may occur. ACHIEVEMENTS AND PERFORMANCE a. Golng concern In recent years, increases in the cost of living pressures have had a significant impact on many parts of the economy and on many charities. This has caused prices to rise, resulting in the squeezing of the disposable income of individuals, as well as reducing the capacity to give of many companies. Volatility in investment markets remains a concern and indeed has impacted the ChariVs balance sheet during the year. However, after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties, For this reason, they continue to adopt the going concern basis in preparing the Financial Statements. All current commitments made to fund research work and posts have been provided for within the Balance Sheet. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies within the Financial Statements. b. Financial review of the year During the year the headline income of the Charity was £2.84m (2022/23: £2.6ml. The Charity has traditionally drawn its income from three sources- legacies, fundraising and investment returns and each of these needs to be considered separately when reviewing performance. In 2023/24, legacy income fell from the high levels seen in the previous three years, to £0.64m {2022123.. £0.95ml. Legacy income is always unpredictable and the Charity remains deeply grateful for those supporters who leave us gifts in their will. Income from fundraising activities and donations, including gifts in kind, increased during the year by £95K, to £1,768K {2022/23: £1,683k) as the Charity grew its fundraising base but also received income from the Medical Research Council of £829k. A real area of progress during the year was in income received from grant making trusts and foundations which increased, with larger grants for funding research and also for outreach activities. The Charity is grateful to all of its supporters who provide gifts large and small. 13
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) Financial review of the year (continued) Income from investments increased slightly during the year, to £316k (2022/23 £280k}, thanks largely to interest earned on sizeable cash balances. Dividend income was on a par with that earned in recent years. The investment policy and objectives for the North West Cancer Research portfolio is explained below, under Key Policies. No objectives have been set for the portfolio held in the name of the Cancer Research and Polio Fund, as it is expected to be drawn on over the next couple of years. During the year the Charity was delighted to complete 3 number of new grant funding rounds, in a broad variety of area5. During the year we funded two grants in partnership with The Eve Appeal focussed on gvnaecological cancers. We were grateful for the opportunity to work together with The Eve Appeal in this and for their expertise. In addition, we also funded research rounds of our own- for translational science applied research and inequalities. The Charity has also grown its investment in education and awareness work and during the financial year we ran a number of campaigns in areas such as Sun safety, cervical screening awareness, bowel cancer and others. We also grew and developed our labcoat learning work with outreach into schools and other community groups to provide education on simple areas of health and wellbeing including healthy diet and knowing your body. At the end of the financial year, reserves had fallen from £5.2m to £5.Om, after taking into account a significant increase in investment values of £l.Im. Our reserves are invested in order to maximise the returns available and the funds which can be used to further our charitable object5. The significant legacy receipts accounted for in 2021/22 means that, during the latest financial year, the charity has held large cash balances which were put into shorter-term deposits to match our known spending patterns while still generating income. c. Fundraising The Charity is registered with the Fundraising Regulator and with the Fundraising Preference Service. It employs a fundraising team which is overseen by an experienced fundraising manager who ensures that high standards are maintained at all times. During the year the Charity has started to make use of commercial fundraisers in order to promote lottery sales and to generate income. It does not exchange data with other parties and has not purchased supporter mailinE lists. 14
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) Fundraising (continued) During the year there were two complaint5 (2022/23: one) around fundraising activity. In addition there were a number of complaints around the use of gender neutral lanEuage in a campaign which we ran and which triggered a response from a number of people- most of whom were not in the area covered by the Charity. We always respond to the concerns raised by our donors and believe that these are an important opportunity for us to learn where we haven't got things right. NWCR maintains records of all supporters, donors and gifts received and ensures that these records are regularly reviewed and monitored to check that contact with donors is done in an appropriate manner and in line with any preference which they have stated to us. Mailings to donors are limited in number and the Charity does not carry out active telephone fundraising campaigns. The Charity does not knowingly contact vulnerable individuals or those who have opted out of mailing contact. d. Reportlng and monltoring performance The Board of Trustees sets an annual budget against which performance is monitored on a monthly basis. Management of the budget is delegated (a5 noted above) but Trustees monitor performance against it. A set of performance indicators is now being developed in order to assist the Board in understanding management performance and to help in quantifying the impact of our research. KEY POLICIES The Board has a number of policies which are key in the operation of the Charity. These are: a. Investment pollcy and performance Except for the restrictions imposed by the ethical policy, the Charity places no further restrictions on the amount or type of investments made by the Charity and adheres to all relevant legislation. During the year the Charitvs investments were overseen by Rathbones (Incorporating Investec Wealth and Investment) Ltd., who managed the portfolio on a discretionary basis, within agreed limits, monitored against an appropriate index, and reviewed on a regular basis by the Trustees. The main objective is to provide a balance between capital growth and income in order to meet the Charity's future commitments which, by their very nature, generally run for periods of 3 to 5 years ahead. The Charity's Investment Strategy targeted an income from the Investment Managers during the year of £241k, which was comfortably exceeded. 15
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) Investment policy and performance (continued) The Company has barred investment in tobacco businesses and will not make any new investments in companies which make a significant proportion of their profits from alcohol and sugar-related products. Ethical constraints are reviewed regularly by both the Investment Committee and the Board of Trustees, No social investment is currently undertaken. b. Reserves policy The Reserves Policy was reviewed by the Board of Trustees in September 2024 to ensure that it remains appropriate for the Charity. North West Cancer Research recognises research grants as they are made, and hence at the end of financial year 2023/24 it had provided for research costs which will be paid in future years of £6.55m (2022123: £5.8ml which had been approved but not yet utilised (See Note 41. Having reviewed the other commitments and contingencies which exist, the Trustees consider that it Is appropriate to set aside reserves equivalent to 6 months operating costs in order to enable an orderly wind-up of the organisation, plus a further £2m to fund research work to ensure that projects can be brought to a successful conclusion in the event of a significant reduction in income and reserves. At the present time, the reserves required by this policy would be approximately £2.59m against free reserves at the year-end of £5.Om. The Charity does not designate funds for specific purposes and restricted funds are minimal. The reserves are held in cash and investments and are not held in fixed assets. At the present time the organisation has funds above its current reserves target and it will continue to utllise this to fund research at a rate quicker than revenue would normally allow. PLANS FOR THE FUTURE Key targets for 2024/25 include". To continue to grow and diversify our fundraising income to include a broad range of different sources. In particular the Charity is keen to grow its lottery and corporate income To improve how we document and understand the impact of our research work. To this end the Charity is adopting the ResearchFish package which records the outcomes from funded research and through which we will collect data for the first time in 2025 16
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) PLANS FOR THE FUTURE (continued) To continue to grow our number of charity shops operated through our subsidiary, North West Cancer Research Trading Limited. At the balance sheet date one shop was open and one close to being open- but by September 2025 we hope to have five shops in operation To continue to grow our outreach and education work in order to tell more people in the region about the signs and symptoms of different cancer types. To enrich our events programme through operating the Liverpool-Chester-Liverpool cycle ride for the f irst time. 17
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees (who are also directors of North West Cancer Research {incorporatinE Clatterbridge Cancer Research "CCR"}I for the purposes of company law are responsible for preparing the Trustees, Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the Trustees to prepare Financial Statements for each financial year. Under company law the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the Income and expenditure, of the charitable company for that period. In preparing these Flnancial Statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities SORP; Make judgements and accounting estimates that are reasonable and prudent,. and Prepare the Financial Statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Charity Governance Code During 2022/23 the Trustees established a working group to review the Charity Governance Code in order to consider the current governance arrangements in place and whether these could be improved. This working group made recommendations back to the Board, and an action plan implemented, which we hope will strengthen governance processes for the future. In particular, the Trustees have acted to put in place a raft of policies for the Charity along with delegation arrangements to ensure that there is clarity around the respective roles in the staff team and CEO when taking operational decisions. The Board continues to seek ways in which the Charity can improve its governance and to ensure that all Board members can play an active role in decision making. 18
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") {A company limlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (continued) DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that: So far as that Trustee is aware, there is no relevant audit information of which the charitable Company's Auditor is unaware; and That Trustee has taken all steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable Compan5 Auditor in connection with preparing its reports and to establish that the charitable Company's Auditor is aware of that information. AUDITOR The Auditor, Crowe U.K. LLP, has indicated its willingne55 to continue in office. This report was approved by the Trustees on 30 January 2025 and signed on their behalf by: Catherine Jones BA ACG Chalr 19
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") OPINION We have audited the Financial Statements of North West Cancer Research (Incorporating Clatterbridge Cancer Research "CCR"} I'the charitable Company,) and its subsidiary {'the group'l for the year ended 30 September 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Cash Flow Statement and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Financial Statements: give a true and fair view of the state of the Group's and the charitable Company's affairs as at 30 September 2024 and of the Group's income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the Financial Statements section of our report. We are independent of the charitable Group in accordance with the ethical requirements that are relevant to our audit of the Financial Statement5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the Financial Statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate, Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charita ble Company's or the Group's ability to continue as a going concern for a period of at least twelve months from when the Financial Statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 20
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") OTHER INFORMATION The Trustees are responsible for the other information contained within the Annual Report. The other information comprises the information included in the Annual Report, other than the Financial Statements and our Auditor's Report thereon. Our opinion on the Financial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material Inisstatement in the Financial Statements themselves. If, based on the work we have performed, we onclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion based on the work undertaken in the course of our audit the information given in the Trustees, Report, which includes the Directors, Report prepared for the purposes of company law, for the financial year for which the Financial Statement5 are prepared is consistent with the Financial Statements. and the Directors, Report included within the Trustees, Report have been prepared in accordance with applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In light of the knowledge and understanding of the Group and charitable Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report included within the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate and proper accounting records have not been kept; or the Financial Statements are not in agreement with the accounting record5 and returns; or certain disclosures of Trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the Trustees were not entitled to prepare the Financial Statements in accordance with the small companies regime and take advantage of the small companies, exemption5 in preparing the Trustees, Directors, Report and from the requirement to prepare a strategic report. 21
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, Responsibilities Statement set out on page 17, the Trustees {who are also the Directors of the charitable Company for the purposes of company law) are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, the Trustees are responsible for assessing the Group's or the charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable Company or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to 155ue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK} will always detect a material misstatement when it exlsts. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statement5. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilitie5 for the audit of the Financial Statements is located on the Financial Reporting Council's website at: www.frc.or auditorsres on5ibilities. This description forms part of our Auditorfs Report. EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the Financial Statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable Company and Group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the Financial Statements. The laws and regulations we considered in this context were the Companie5 Act 2006, the Charities Act 2011 together with the Charities SORP IFRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. 22
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD (CONTINUED) In addition, we considered provisions of other laws and regulations that do not have a direct effect on the Financial Statements but compliance with which might be fundamental to the charitable Company's and the Group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable Company and the Group for fraud. The laws and regulation5 we considered in this context for the UK operations were the Charities Act Regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the Financial Statements from irregularities, including fraud, to be within the timing of recognition of voluntary income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, sample testing of voluntary income and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the Financial Statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the Fina ncial Statements, the less likely the inherently limited procedures required by auditing sta ndards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations. USE OF OUR REPORT Thls report is made solely to the charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. 23
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH WEST CANCER RESEARCH IINCORPORATING CLAERBRIDGE CANCER RESEARCH "CCR") Michael Jayson Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 3rd floor St Georges House 56 Peter Street Manchester M2 3NQUK 4 April 2025 24
NORTH WEST CANCER RESEARCH {INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) REGISTERED NUMBER: 2165552 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Restated Total funds 2023 Unrestricted Restricted funds Funds 2024 2024 Total Funds 2024 Note INCOME FROM: Donations a nd legacies Other trading activities Investment income 1,957,373 110,189 315,942 454,184 2,411,557 110,189 315,942 2,618,720 280,125 TOTAL INCOME 2,383,504 454,184 2,837,688 2,898,845 EXPENDITURE ON: Raisi ng funds Investment management Charltable activltles 921,915 31,310 2,744,420 921,915 31,310 3,223,311 771,211 29,638 2,539,317 478,891 TOTAL EXPENDITURE 3,697,645 478,891 4,176,536 3,340,166 NET INCOME/IEXPENDITURE) BEFORE INVESTMENT GAINS Gains/llos5esl on investments 11,314,141) 124,707) {1,338,848) 1441,321) 1,104,660 1,104,660 231,351 NET INCOME/(EXPENDITURE) BEFORE TRANSFERS Transfers between funds 1209,481) {24,707) 1234,188 (209,9701 NET MOVEMENT IN FUNDS {209,481) (24,707) (234,188) (209,9701 RECONCILIATION OF FUNDS: Total funds brought forward 5,176,760 24,707 5,201,467 5,411,437 TOTAL FUNDS CARRIED FORWARD 4,967,279 4,967,279 5,201,467 The Notes on pages 29 to 52 form part of the Financial Statements. 25
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) REGISTERED NUMBER: 2165552 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2024 Restated 2023 2024 Note FIXED ASSETS Tangible a55ets Investments io li 151.895 9,263,371 963 8,232,986 9,415,266 8,233,949 CURRENT ASSETS Stocks Debtors Debtors.. amounts falling due after more than one year Investments- short term Cash at bank and in hand 12 13 20,691 554,205 21,096 413,398 13 140,327 59,000 14 1.416,027 538,445 2,027,452 640,662 2,669,695 3,161,608 CREDITORS: amounts falling due in less than one year 15 (4,497,157) 13,946,017) NET CURRENT ASSETS/{LIABILITIES) (1,827,462) 1784,409) TOTAL ASSETS LESS CURRENT LIABILITIES 7,587,804 7,449,540 CREDITORS: amounts falling due after more than one year 16 (2,620,525) {2,248,0731 NET ASSETS 4,967,279 5,201,467 CHARITY FUNDS Restricted funds Unrestricted fund5 18 18 24,707 5,176,760 4,967,279 TOTAL FUNDS 4,967,279 5,201,467 The Company's Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The Financial Statements were approved and th authorised for issue by the Trustees on 30 January 2025, and s ned on their behalf, by.. Miss C Jones BA ACG, ir Mrs J Clague BA FCA, Treasurer The Notes on pages 29 to 52 form part of these Financial Statements. 26
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Note FIXED ASSETS Tangible assets Investments io li 7,969 9,094,607 963 8,084,279 9,102,576 8,085,242 CURRENT ASSETS Stocks Debtors Debtors: amounts falling due after more than one year Investments- short term Cash at bank and in hand 12 13 20,691 677,430 21,096 568,348 13 329,419 127,414 14 1,416,027 510,559 2,027,451 542,502 2.954,126 3,286,810 CREDITORS: amounts falling due in less than one year 15 (4,399,803) (3,943,557) NET CURRENT ASSETS/(LIABILITIES) 11,445,677) {656,7471 TOTAL ASSETS LESS CURRENT LIABILITIES 7,656,899 7,428,495 CREDITORS: amounts falling due after more than one year 16 (2,620,525 12,248,073) NET ASSETS 5,036,374 5,180,422 CHARITY FUNDS Restricted f unds Unrestricted funds 18 18 24,707 5,155,715 5,036,374 TOTAL FUNDS 5,036,374 5,180,422 The Company's Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The Financial Statements were approved and authorised for issue by the Trustees on 30 January 2025, and signed on their behalf, by: Miss C Jones BA ACG, ir Mrs J Clague BA FCA, Treasurer The Notes on pages 29 to 52 form part of these Financial Statements. 27
NORTH WEST CANCER RESEARCH (INCORPORATING CLAERBRIDGE CANCER RESEARCH "CCR") {A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Note 2024 2023 Cash flows from operating activities: Net cash used in operating activities 20 (940.549) 210,396 Cash flows from investing activities: Dividends and interest from investments Purchase of tangible fixed assets Proceeds from the sale of investments Purchase of investments 315,942 (163,312} 3,632,767 1,635,311 (3,032,498) 12,907,033) 280,125 Net cash provided by investing activities 752,899 1991,597) Change in cash and cash equivalents in the year Cash and cash equivalents brought forward 1187,650} 1,383,534 1781,2011 2,164,735 Cash and cash equivalents carried forward 21 1,195,884 1,383,534 28
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by Euaranteel I. ACCOUNTING POLICIES 1.1 Basis of preparation of Financial Statements The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. North West Cancer Research (incorporating Clatterbridge Cancer Research "CCR") meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The accompanying Consolidated Financial Statements include the Financial Statement5 of North West Cancer Research, and its consolidated subsidiaries (together referred to as the Charity). NWCR'S subsidiaries are listed in note 11. Wherea5, last year, the results of North West Cancer Research Trading Limited were not consolidated because the company did not trade during the year and had no assets, thls year they have been, with prior year figures restated where applicable. No separate SOFA has been presented for the Charity alone as permitted by section 408 of the Companies Act 2006, NWCR was created by merger of two charities: Clatterbridge Cancer Research and North West Cancer Research Fund. The principal object and activityof both charitieswasto promote and carry out research into cancer. The merger took effect from l November 2012. 1.2 Company status The Company is a company limited by guarantee. In the event of the Company being wound up, the liability is respect of the guarantee is limited to £1 per member of the Company. 1.3 Going concern The Financial Statements have been prepared on a going concern basis, which principally assumes that the Company will continue to receive an adequate level of income to meet its anticipated requirements. This was reviewed in light of the Covid-19 pandemic and the impact that this had on the Charity sector, along with the impact on investments and resenies. During the pandemic the Trustees adopted prudent plans and reduced commitments to new research funding. However, the positive financial results for 2022/23 meant that the Trustees were able to enter into an increased number of new commitments and to return to close to earlier levels. 29
NORTH WEST CANCER RESEARCH {INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by Euarantee) I. ACCOUNTING POLICIES (continued) On that basis the Trustees consider it appropriate to prepare the Financial Statements on a going concern basis. 1.4 Consolidated Financial Statements These Financial Statements consolidate the results of the Charity and its subsidiary undertakings. The consolidation has been undertaken on a line by line basis. Although a separate charity (registration no. 3268121, the results for the subsidiary Cancer and Polio Research Fund have been consolidated into the Group accounts because the parent charity has the power to govern the financial and operating pollcies of the entity, and benefits from its activities. The Charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a Charity only Cash Flow Statement with the consolidated accounts. 1.5 Income All income is recognised once the Company has entitlementto the income, it is probable thatthe income will be received and the amount of income receivable can be measured reliablv. For legacies, entitlement is taken as the earlier of the date on which either: the Company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor{s} to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Company has been notified of the executorfs intention to make a distribution. Where legacies have been notified to the Company, or the Company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Donated services or facilities are recognised when material and the Company has control over the item, any conditions associated with the donated item have been met, the receipt of the economic benefit from the use of the Company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 1021, the general volunteer time of the branches / committees is not recognised- reference should be made to the Trustees, Report for more information about their contribution. 30
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) I. ACCOUNTING POLICIES (continued) On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Company which is the amount the Company would have been willing to pay to obtaining services or facilities of equivalent economic benefit on the open market,, a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognlsed at the time the investment income 15 receivable. 1.6 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each actlvity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activlty. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basls consistent with the use of resources. Central staff costs are allocated on the basis of time spent. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Company and include project management carried out at headquarters. Governance costs are those incurred in connection with administration of the Company and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activitie5 that raise funds. Charitable activities and Governance costs are costs incurred on the Company's charitable operations, including support costs and costs relating to the governance of the Company apportioned to charitable activities. Grants payable are charged in the year when the offer is made, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. All resources expended by the parent charity are inclusive of irrecoverable VAT. 31
NORTH WEST CANCER RESEARCH {INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee} I. ACCOUNTING POLICIES Icontinued) 1.7 Tangible fixed assets and depreciation For the main charity, all assets costing more than £1,000 are capitalised. For the trading company, shop refurbishments are capitalised when the shop fit is complete. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual va lue, over their expected useful lives on the following bases: Shop buildings and improvements Head Office office equipment 5 years (or, where shorter, lease length) 2 years (current lease length) 1.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised at thelr transaction cost and subsequently measured at their fair value at the balance sheet date, unless fair value cannot be measured reliably, in which case it is measured at cost less impairment. Investment gains and losses, whether reali5ed or unrealised, are combined and shown in the heading 'Ga ins / Ilossesl on Investments, in the Statement of Financial Activities. 1.9 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company,. this is normally upon notification of the interest paid or payable by the Bank. 1.10 Operatlng leases Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. 1.11 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 32
NORTH WEST CANCER RESEARCH (INCORPORATING CLAERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) I. ACCOUNTING POLICIES (continued) 1.12 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.13 Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.14 Liabilities and provislons Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payment for the goods and services it must provide. Provisions are measure at the best estimate of the amounts required to settle the obligation. 1.15 Taxatlon The parent company is a registered charity and has no liability to corporation tax under its charitable activities, to the extent that surpluses are applied to its charitable purposes. The subsidiary trading company is subject to corporation tax but, as no profit was made in the year, no tax is due. 1.16 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic fi nancial instru ments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement date. 1.17 Pensions The Company contributes to personal pension plans and the pension charge represents the amounts payable by the Company to the plans in respect of the period. 33
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) I. ACCOUNTING POLICIES (continued) 1.18 Fund accounting General funds are unrestricted funds which are available for the use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administerlng such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the Notes to the Financial Statements. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the lia bility, The unwinding of the discount rate is recognised within interest payable and similar charges. 1.19 Crltlcal accounting judgements and estimates The key source of estimation uncertainty in the Financial Statements are residuary legacies. Legacies are recognised when the income criteria detailed in note 1.5 are considered to be met. In some circumstances, the legacy has not been received at the year end and is included within debtors, Due to the nature of residuary legacies receivable, there is judgement applied to the valuation of the legacy. Where the effect of the time value of money is material to liabilities and provisions, the liability or provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount rate is recognised within interest payable and similar charges. In the 2023124 Financial Statements there were no instances where the time value of money was material and therefore no discounting has taken place. The estimates and underlying assumptions are reviewed regularly. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 34
NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) 2. INCOME FROM DONATIONS AND LEGACIES Group- Current Year Unrestricted Funds 2024 Restricted funds 2024 Total Funds 2024 Legacles Donations Donations-in-kind 539,016 1,385,158 33,199 105,000 644,016 349,184 1,734,342 33,199 Total donations and legacies 1,957,373 454,184 2,411,557 Group- Prior Year Unrestrlcted Restricted Funds funds 2023 2023 Total Funds 2023 Legacies Donation5 Donations-ln-kind 945,445 1,389,256 97,988 945,445 186,031 1,575,287 97,988 Total donations and legacies 2,432,689 186,031 2,618,720 Charlty- Current Year Unrestrlcted Restricted Funds funds 2024 2024 Total Funds 2024 Legacies Donations Donations-in-kind 539,016 1,391,220 33.199 105,000 644,016 349,184 1.740,404 33,199 Total donations and legacies 1,963,435 454,184 2,417,619 35
NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR, ) (A company limited by guarantee) Charity- Prior Yeor Unrestricted Restrlcted Funds funds 2023 2023 Total Funds 2023 Legacies Donations Donations-in-kind 944,859 1.392,104 97,988 944,859 186,031 1,578,135 97,988 Total donations and legacies 2,434,951 186,031 2,620,982 3. OTHER TRADING ACTIVITIES Group Unrestrlcted and Unrestricted and Total Funds Total Funds 2024 2023 Chority Unrestrlcted Unrestricted and Total Funds and Total Funds 2024 2023 Income from trading subsldiary 110,189 41,761 110,189 41,761 4. INVESTMENT INCOME Group Unrestricted and Unrestricted and Total Funds Total Funds 2024 2023 Charity Unrestricted Unrestricted and Total Funds and Total Funds 2024 2023 Listed investments Short term gilts Bank interest Loan interest 268,144 42,406 5,392 257,038 8,049 15,038 264,596 42,406 5,392 8,187 254,079 8,049 15,039 315,942 280,125 320,581 277,167 36
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER
RESEARCH "CCR")
(A company limited by guarantee)
5. ANALYSIS OF GRANTS
Group and Charity
Unrestricted Unrestricted
and total
and total
Funds
funds
2024
2023
Grants to
Institutions
2024
Grants approved in the year
The total above of £2,571,73812023: £1,955,494) includes £55,441 {2023: £45,256) by way of non-
salary related support costs, for example, expenditure on the NWCR Symposium in July 2024, impact
reporting and overheads.
As disclosed in Note 7, Analysis of Resources Expended by Expenditure Type, the Research Grant
Expenditure charged in the Statement of Financial Activities includes associated staff costs of
£124,97612023.' £98.1381, as well as a share of central charity costs of £29,80212023: £33,598}.
RECONCILIATION OF GRANTS PAYABLE
2024
2023
Accrued at l October 2023
Grants made in the year- Liverpool
Grants made in the year- Lancaster
Grants made in the year- Bangor
Grants made in the year- Royal Preston Hospital
Grants made in the year- Manchester
Grants made in the year- UCLAN
Grants made in the year~ Edgehill
Grants made in the year- Liverpool John Moores
Grants made in the year- Betsi Cadwaladr Univ. Health Board
Grants made in the year- Clatterbridge Cancer Centre
Grants made in the year- Manchester Metropolitan Univ.
Grants made in the year- University of Edinburgh
Grants made in the year- Oracle Head and Neck
Grants cancelled or recovered
Grants paid and other movements
5,757,791
786,435
592,182
7,000
5,699,691
1,285,108
392,448
21,900
147,694
49,894
122,864
196,065
20,000
240,335
146,785
274,822
336,303
40,000
(95,571)
11,721,104)
1109,670)
(1,852,138)
Accrued at 30 September 2024
6,552,984
5,757,791
Payable as follows:
Grants payable
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) 6. GOVERNANCE COSTS Group Unrestricted and Total Funds 2024 Unrestricted and Total Funds 2023 Governance- Auditorfs remuneration Governance- legal and professional fees Governance - share of support costs Governance- recruitment fees Governance- wages and salaries Governance- depreciation- tangible fixed assets 17,174 1,740 31,938 3,800 93,713 647 16,356 1,944 32,541 3,800 95,529 263 149,012 150,433 The figure for auditor's remuneration includes £2,58312023: £2,460} in respect of the audit of the subsidiary Cancer and Polio Research Fund. This is the only element which is not a cost to the chaidrty on its own. 7. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE Group Staff costs Depreclation 2024 2024 Other costs 2024 Total 2024 Expenditure on: Fundraising Trading activities Investment management 388,742 84,439 2,683 7,432 372,869 65,750 31,310 764,294 157,621 31,310 Cost of generatlng funds 473,181 10,115 469,929 953,225 Expenditure on: Research grants Education and outreach Governance 124,976 109,449 93,713 862 755 647 2,600,678 2,726,516 237,579 347,783 54,652 149,012 Charltable activities 328,138 2,264 2,892,909 3.223,311 801.319 12,379 3,362,838 4,176,536 38
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee} 7. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE (continued) Group Staff costs Depreciation Restated 2023 Other costs Total Restated Restated 2023 2023 2023 Expenditure on: Fundraising Trading activities Investment management 304,475 31,129 837 425,347 9,423 29,638 730,659 40,552 29,638 Cost of generating funds 335,604 837 464,408 800,849 Expenditure on.. Research grants Education & outreach Governance 98,138 102,013 95,529 271 280 263 1,988,821 2,087,230 199,360 301,653 54,641 150,433 Charitable actlvltles 295,680 814 2,242,823 2,539,317 631,284 1,6SI 2,707,231 3,340,166 8. NET EXPENDITURE 2024 2023 This is Stated after charging: Depreciation of tangible fixed assets: Owned by the Charity Owned by its subsidiaries 4,948 7,432 1,651 Auditor's remuneration: Fees payable to the charit¢s auditor for the audit of the Charity's financial statements 14,591 13,896 Audit of the Charity's subsidiaries 7,792 2,460 During the year, no Trustees received any remuneration12023: £01. During the year, no Trustees received any benefits in kind12023: £0). During the year, 2 Trustees received reimbursement of travel and accommodation expenses of £392 {2023: £2171. 39
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH'CCR") {A company limited by Euarantee 9. STAFF COSTS Staff costs were as follows". Group 2024 Charlty 2024 2023 Restated 2023 Restated Wages and salaries Social security costs Other pension costs 698,652 67,046 35,621 550,417 52,258 28,609 625,092 59,642 32,146 523,537 49,281 27,337 801,319 631,284 716,880 600,155 There are no redundancy payments included in wages and salaries12023: £nil). The average number of persons (headcount) employed by the Group during the year was as follows: Group Charity 2024 2023 Restated No. 2024 2023 Restated No. No. No. Cha ritable activities Fundraising and Marketlng Administration Retail trading subsidiary 10 io 18 15 16 14 The Trustees have delegated significant authority and responsibility in the day-to-day running of the Charity to its key management personnel. The Charity considers its key management personnel to comprise the Chief Executive Officer, the Director of Brand and Income (formerly Head of Marketing and Fundraising), the Head of Health, Research and Impact, and the Head of Finance & Administration. The total employee benefits, includin employer National Insurance and employer pension contributions, of the key management personnel were £263,604 (2023: £221,300). The number of employees whose total employee benefits, excludin employer national insurance and pension costs, for the reporting period fell within the following ranges, was: 40
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") IA company limited by Euarantee) 9. STAFF COSTS (continued) Group and Charity 2024 2023 No. £60,000- £69,999 £80,000- £89,999 10. TANGIBLE FIXED ASSETS Group Charity Leasehold Office Propertles Equlpment Office Equipment Total Total Cost At l October 2023 Additions Disposals 8,256 11,953 18,256) 8,256 163,311 (8,256) 8,256 11,953 (8,256) 8,256 11,953 18,256) 151,358 At 30 September 2024 151,358 11,953 163,311 11,953 11,953 Depreclatlon At l October 2023 Charge for the year On disposals 7,293 4,947 (8256) 7,293 12,379 (8,256) 7,293 4,947 18,256) 7,293 4,947 (8,256) 7432 At 30 September 2024 7,432 3,984 11,416 3,984 3,984 Net book value At 30 September 2024 143,926 7,969 151,895 7,969 7,969 At 30 September 2023 963 963 963 963 41
NORTH WEST CANCER RESEARCH (INCORPORATING CLArrERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) 11. FIXED ASSET INVESTMENTS Listed securitles (Market value) Group Cash Total At l October 2023 Additions Disposals Movement in cash for the year Realised and unrealised gains on investments 7,998,164 1,213,212 (1,049,170) 234,822 8,232,986 1,213,212 {1,049,170) (189,969) {189,969) 1,056,312 1,056,312 At 30 September 2024 9,218,518 44,853 9,263,371 Listed securitles (Market value) Group Undertakings Charlty Cash Total At l October 2023 Additions Disposals Movement in cash for the year Realised and unrealised gains on investments 7,849,456 1,209,663 (1,049,170) 234,822 8,084,279 1,209,663 11,049,170) {189,969) 1189,969) 1,039,804 1,039,804 At 30 September 2024 9,049,754 44,853 9,094,607 Group subsidiary undertakings The following were subsidiary undertakings of the Company: Narne Holding North West Cancer Research Trading Limited (company registration no. 082806501 loo% Cancer and Polio Research Fund Limited Icompany registration no. 723861: charity no. 3268121 loo% 42
NORTH WEST CANCER RESEARCH (INCORPORATING CLAERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) 11. FIXED ASSET INVESTMENTS (continued) The aggregate of the share capital and reserves as at 30 September 2024 and of the profit or10ss for the year ended related to the Charity's subsidiary undertakings were as follows: Aggregate of share capital and reserves Profit / (loss) Name NW Cancer Research Trading Ltd. Cancer and Polio Research Fund Limited Total (135,885) 66,791 169,094) (95,334} 5,195 190,139) Group and Charlty materlal restrlctlons The Company has barred investment in tobacco businesses. In addition the Trustees have agreed that the charity should not make new investments in holdings which promote low-cost alcohol or irresponsible drinking, draw the majority of their profits from alcohol or draw their prof its exclusively from sugar. Investments are primarily held to provide a balance between capital growth and income in order to meet the Company's future commitments. 12. STOCKS Group 2024 Charity 2024 2023 2023 Goods for resale 20,691 21,096 20,691 21,096 Included above is £6,81012023: £8,732) of new stock donated to the charity and not used by year end. This has been valued at half of its RRP, which is considered to be a reasonable approximation of its value. 13, DEBTORS Group Restated 2023 Charity Restated 2023 2024 2024 Trade and other debtors VAT recoverable Prepayments Accrued legacy income Other accrued income Amounts owed by group and subsidiaries 9,327 21,810 43,906 126,429 493,060 20,107 674 20,156 47,437 384,024 9,326 20,107 23,617 126,429 640,729 206,748 20,156 47,437 608,062 694,532 472,398 1,006,849 695, 762 43
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH'CCR, ) (A company limited by guarantee} 13. DEBTORS ICONTINUED) Included above within 'Other accrued income, for the Charity is £504,98112023: £177,102) of income from other charities where North West Cancer Research has jointly funded research projects with them. Of this amount, £265,184 {2023: £9,730) is shown as restricted income in the Statement of Financial Activities. Included within 'Other accrued income, in the prior year results was £41,226 owed by North West Cancer Research Trading Ltd. to the Charity at the balance sheet date, comprising set-up costs for the retail operation. The prior year figure has been restated to eliminate this figure on consolidation, 13,2 Analysis of debtors recoverable in more than l year (included in debtors above): Group 2024 Charity 2024 2023 2023 Trade and other debtors Taxation recoverable Prepayments Accrued legacy income Other accrued income Amounts owed by group and subsidiaries 140,327 59,000 164,419 165,000 127,414 140,327 59,000 329,419 127,414 Note 13.2 shows that element of the 'Other accrued income, figure of £504,981 (2023: £177,102) referred to above that is judged to be recoverable in more than I year because of length of jointly funded research projects. The figure for the charity also includes income due for research projects from its subsidiary Cancer and Polio Research Fund where, because of the length of those projects, that debtor is judged to be recoverable in more than one year. Under 'Amounts owed by group and subsidiaries,, the sum of £165,00012023: £0) represents the value of the loan made by the charity to the trading company for securing, and fitting out, its shops,
NORTH WEST CANCER RESEARCH (INCORPORATING CLAERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) 14. INVESTMENTS- SHORT TERM Llsted securities (Market value) Group and Charity Cash Total At l October 2023 Additions Disposals Movement in cash for the year Realised and unrealised gains on investments 1,519,402 1,819,296 (2,583,597) 508,049 2,027,451 1,819,296 (2,583,597) 104,529 104,529 48,348 43,348 At 30 September 2024 803,449 612,578 1,416,027 15. CREDITORS: Amounts falllng due wlthln one year Group 2024 Charity 2024 2023 2023 Trade creditors Sundry creditors Amounts owed to NWCRT, the subsidiary company Other taxation and social security Accruals and deferred income Grants accrued - institutional (see note 4) 171,585 146,064 91,364 146,064 2,047 24,492 20,318 21,479 20,318 368,621 196,453 352,455 193,993 3,932,459 3,583,182 3,932,459 3,583,182 4,497.157 3,946,017 4,399,803 3,943,558 16. CREDITORS: Amounts falling due after more than one year Group 2024 Charity 2024 2023 2023 G rants accrued - institutional (see note 41 2,620,525 2,248,073 2,620,525 2,248,073 45
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") {A company limited by guarantee) 17. FINANCIAL INSTRUMENTS Group Charity Restated 2023 2024 2024 2023 Financlal assets measured at fair value I nvestments 9,263,371 8,232,986 9,094,607 8,084,280 Financial assets measured at amortised cost Debtors excluding prepayments 650,626 452,242 983,233 675,606 Financial liabllltles measured at amortised cost Creditors 7,117,681 6,194,090 7,020,307 6,191,632 18, STATEMENT OF FUNDS GROUP STATEMENT OF FUNDS- CURRENT YEAR Balance at l October 2023 Balance at Gains1 30 September (Losses) 2024 Transfers In/Out Income Expenditure Unrestricted funds Other General funds 5,176,760 2,383,504 13,697,645) 1,104,660 4,967,279 Restricted funds Other Restricted Funds 24,707 454,184 (478,891) Total funds 5,201,467 2,837,688 (4,176,536) 1,104,660 4,967,279 Restricted income in the current year comprises: £265,184 {2023.. £9,730) due from other charities where North West Cancer Research has jointly funded research projects with them; grants of £84,000 (2023.. £175,513) made to the Charity by various Trusts and Foundations, towards education and outreach projects and campaigns. and income of £105,00012023: £0) from one legacy left to fund research at a specific University. 46
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) 18. STATEMENT OF FUNDS continued Restricted expenditure of £478,89112023: £95,536) comprises the value of education and outreach work undertaken during the year on specific projects for which grants were received, as well as the cost of grant- and legacy-funded research projects approved in the year. No income has been received to support ongoing research projects approved in prior years, so there are no transfers between funds. GROUP STATEMENT OF FUNDS- PRIOR YEAR Balance at l October Balance at 30 September Restated 2023 Restated Income Expenditure Transfers In/Out Gains/ {Lossesl 2022 Unrestrlcted funds Other General funds 5,411,437 2,712,814 {3,244,630) 65,788 231,351 5,176,760 Restricted funds Other restricted funds 186,031 (95,536) (65,7881 24,707 Total funds 5,411,437 2,898,845 {3,340,166) 231,351 5,201,467 Restricted income in the prior year included £9,730 (2022: £99,576) due from other charities where North West Cancer Research had jointly funded research projects with them, as well as grants of £175,51312022: nil) made to the Charity by various Trusts and Foundations, towards both research and education and outreach projects. No legacies with specific conditions attached {2022: £657,994) were received during the year. Restricted expenditure in the prior year of £95,536 (2022: £104,576) comprised the value of education and outreach work undertaken during the year on specific projects for which grants were received, as well as the cost of grant-funded research projects approved in the year. Where income had been received to support ongoing research projects approved in prior years, an equivalent figure to the value of that income was treated as a transfer between restricted and unrestricted funds, with conditions of the income fulfilled. 47
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") IA company limited by guarantee) 18. STATEMENT OF FUNDS continued CHARITY STATEMENT OF FUNDS- CURRENT YEAR Balance at l October 2023 Balance at Gains1 30 September (Losses} 2024 Transfers In/Out Income Expenditure Unrestrlcted funds Other funds General 5,155,715 2,325,777 (3,533,271) 1,088,152 5,036,374 Restricted funds Other restricted funds 24,707 454,184 (478,891) Total funds 5,180,422 2,779,961 (4,012,162) 1,088,152 5,036,374 CHARITY STATEMENT OF FUNDS- PRIOR YEAR Balance at l October 2022 Balance at Gains1 30 September {Losses} 2023 Transfers In/Out Income Expenditure Unrestrlcted funds Other General funds 5,358,903 2,712,118 13,201,094) 65,788 220,000 5,155,715 Restricted funds Other restricted funds 186,031 {95,536} {65,788) 24,707 Total funds 5,358,903 2,898,149 (3,296,630) 220,000 5,180,422 48
NORTH WEST CANCER RESEARCH {INCORPORATING CLAERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Group Unrestricted and total funds 2024 Restrlcted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 151,896 9,263,371 2,669,695 4,497,157 2,620,525 151,896 9,263,371 2,669,695 4,497,157 2,620,525 4,967,279 4,967,279 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Group Unrestricted and total funds Restated 2023 Restricted funds Restated 2023 Total funds Restated 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year 963 8,232,986 3,131,901 13,941,017) 12,248,073) 963 8,232,986 29,707 3,161,608 15,0001 13,946,017} {2,248,0731 5,176,760 24,707 5,201,467 49
NORTH WEST CANCER RESEARCH (INCORPORATING CLATTERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) 20. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES Restated 2023 2024 Net income/ (expenditure) for the year (as per Statement of Financial Activities) (234,188) 1209,9701 Adjustment for: Depreciation charges 12,379 1,651 IGains}/Losses on investments Dividends, interest and rents from investments Assets acquired (Increase}/ decrease in stocks (Increasel/ decrease in debtors Increase/ldecrease) in creditors (1,104,660) {315,942) 1231,3511 1280,1251 405 (222,134) 923,591 13,9031 805,427 128,667 Net cash used in operating activities (940,549) 210,396 21. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2024 2023 Cash in hand Investment cash accounts 538,445 657,439 640,662 742,872 1,195,884 1,383,534 22. RECONCILIATION OF NET DEBT Group At l October 2023 Cashflow At30 September 2024 Cash in hand and at bank 1,383,534 (187,650) 1,195,884 1,383,534 1187,650) 1,195,884 50
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) 23. PENSION COMMITMENTS The Charity contributes to personal pension plans for eligible employees, who are automatically enrolled. The assets of those plans are held separately from those of the Charity, in independently administered funds. Contributions totalling £5,560 (2023: £4,634), covering pension commitments for both North West Cancer Research and North West Cancer Research Trading Ltd., were payable to the plans at the balance sheet date and are included in creditors. 24. OPERATING LEASE COMMITMENTS At 30 September 2024 the total of the Group's future minimum lease payments under non-cancellable operating leases was: Group 2024 2023 Within one year Between two and five years In over f ive yea rs 50,732 191,945 1,272 4,770 242,677 6,042 Charity 2024 2023 Within one year Between two and five years I n over f ive years 1,332 3,678 1,272 4,770 5,010 6,042 51
NORTH WEST CANCER RESEARCH (INCORPORATING CLAThERBRIDGE CANCER RESEARCH "CCR") (A company limited by guarantee) 25. RELATED PARTY TRANSACTIONS There are two related party transactions of note: At the period end £1 was owed to North West Cancer Research Trading Ltd. (formerly Clatterbridge Cancer Research Ltd.), the subsidiary company. Two of the Charity's Trustees, Hilary Atherton and Sandeep Anantharaman serve as Directors of this Company along with a number of others who are not connected to the Charity. Three of the Charity's Trustees, Miss C M Jones, Dr. M Carter and Mr. P Moonan, serve as Directors of Cancer and Polio Research Fund Ltd. and, in matters concerning that Charity, act only in the interest of the Cancer and Polio Research Fund 26. RESTATEMENT IN RELATION TO 2023 PREVIOUSLY PRESENTED FIGURES In the prior year accounts, the results of North West Cancer Research Trading Limited were not consolidated into the Group on the grounds of materiality. This wa5 because the company had not commenced trading and had no assets, only a liability owed to its parent company (included in these accounts as a debtor). This year the results have been consolidated, and the prior year figures restated where applicable. The impact of this is shown below. Prior to Restatement 2023 Adjustment 2023 Restated 2023 Expenditure - fundraising Debtors 730,659 512,950 40,552 (40,5521 771,211 472,398 Funds 5,242,019 (40,5521 5,201,467 52